Earnings per Share (Tables)
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6 Months Ended |
Jun. 30, 2023 |
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| Earnings Per Share [Abstract] |
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| Reconciliation from Basic to Diluted Weighted Average Number of Shares Outstanding |
The reconciliation from basic to diluted weighted average shares outstanding is as follows:
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Three months ended
June 30, |
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Six months ended
June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
| Weighted average shares outstanding – Basic |
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118,651,402 |
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138,035,764 |
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120,335,414 |
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137,876,185 |
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| Dilutive effect of unvested common shares and restricted stock units with service conditions, performance stock units considered probable of vesting and assumed stock option exercises and conversions |
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1,269,340 |
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1,113,796 |
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1,496,528 |
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1,299,474 |
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| Weighted average shares outstanding – Diluted |
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119,920,742 |
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139,149,560 |
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121,831,942 |
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139,175,659 |
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| Schedule of Earnings Per Share, Basic and Diluted |
Basic and diluted income per share are calculated as follows:
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Three months ended
June 30, |
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Six months ended
June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
| Numerator: |
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| Net income |
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$ |
26,122 |
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$ |
19,245 |
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$ |
24,651 |
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$ |
27,120 |
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| Denominator: |
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| Weighted average shares outstanding – Basic |
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118,651,402 |
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138,035,764 |
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120,335,414 |
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137,876,185 |
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| Weighted average shares outstanding – Diluted |
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119,920,742 |
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139,149,560 |
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121,831,942 |
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139,175,659 |
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| Net income per share: |
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| Basic income per share |
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$ |
0.22 |
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$ |
0.14 |
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$ |
0.20 |
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$ |
0.20 |
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| Diluted income per share |
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$ |
0.22 |
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$ |
0.14 |
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$ |
0.20 |
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$ |
0.19 |
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| Schedule of Securities Excluded from Computation of Earnings Per Share |
The table below presents the details of the Company’s weighted average equity-based awards outstanding during each respective period that were excluded from the calculation of diluted earnings per share:
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Three months ended
June 30, |
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Six months ended
June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
| Restricted stock awards with performance only targets not achieved |
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— |
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603,993 |
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99,495 |
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608,921 |
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| Stock options with performance only targets not achieved |
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— |
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321,368 |
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103,907 |
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324,014 |
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| Anti-dilutive restricted stock units and performance stock units |
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685,656 |
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821,278 |
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630,668 |
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| Anti-dilutive stock options |
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520,757 |
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807,301 |
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607,783 |
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807,301 |
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